Oil is one of the most commonly traded commodities in the world, and is available for trade in most of the top Forex trading platforms, as well as in many leading binary options platforms.
Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
Likewise, oil prices also affect the Forex market, and therefore, it’s hardly surprising that many Forex traders also keep an eye on crude oil prices, and many even trade crude oil as a way to diversify their trading. To help you expand your trading horizons, the DailyForex trading room is happy to provide you with regular crude oil price technical analysis – we hope that it helps you trade profitably!
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The West Texas Intermediate Crude Oil markets have broken down significantly during the trading session on Wednesday as traders are starting to worry about whether or not the coronavirus numbers are going to pick up, and slow things in the economy down.
The West Texas Intermediate Crude Oil market has reached towards the $41 level before pulling back slightly.
The West Texas Intermediate Crude Oil market initially gapped lower to kick off the trading session on Monday, but as you can see we continue to reach towards the $41 level above.
Brent Crude has not experienced the fire storm of its closely correlated trading cousin WTI, West Texas Intermediate.
The West Texas Intermediate Crude Oil market looks as if it is trying to rally towards the $41 level, which is the top of the gap.
The West Texas Intermediate Crude Oil market has continued to show a lot of resiliency, as we see buyers jump in and try to fill the gap at the $41 level.
The West Texas Intermediate Crude Oil market gapped lower to kick off the trading session on Wednesday but then pulled back even further.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday, breaking above the top of the hammer from the previous session on Monday.
The West Texas Intermediate Crude Oil market continues to find buyers on dips, with the $35 level offering a significant amount of support.
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The West Texas Intermediate Crude Oil market has broken down a bit during the trading session on Friday, reaching down towards the $35 level.
The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Thursday, as we have seen a lot of selling pressure across the risk spectrum
The crude oil markets initially dipped slightly during the trading session on Wednesday, reaching lows of the previous session before turning around and showing life again.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Tuesday, as we are waiting to see whether or not we will continue to go higher, perhaps reaching towards the top of the gap.
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday but gave back the gains to form a negative candlestick.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday again as the job numbers came out stronger than anticipated.